In this course, you’ll learn the key components of modern-day investment strategies which utilize fintech. Professors Natasha Sarin and Chris Geczy of the Wharton School have designed this course to help you understand the complex structure of payment methods and financial regulations, so you can determine how fintech plays a role in the future of investing. Through analysis of robo-advising and changing demographic forces, you’ll learn how basic elements of trust underlie complex choice architecture in investments and impact investing. You’ll also explore payment methodologies and how fintech is emerging as an entrepreneurial solution to both investments and payment systems. By the end of this course, you’ll be able to identify different financial technologies, and understand the dynamic between the innovations and regulations, and employ best practices in developing a fintech strategy for yourself or your business. No prerequisites are required for this course, although a basic understanding of credit cards and other payment methods is helpful.

CF

clear and concise teachings lead to a quick understanding of the material presented. video length was great; never too long. visuals were easy to understand and interpret.

AA

Jun 30, 2019

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My first course in Coursera and it did not disappoint! I recommend this FinTech course to anybody seek a quick yet detailed introduction to the world of FinTech! Thank you

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Module 4: Regulation

In this module, you’ll be introduced to the concerns and innovations in financial regulation and focus more closely on the emergence of fintech. By discussing theoretical criticisms of regulation, you’ll gain a better understanding behind balance between regulation and innovation and the tradeoffs that come with the balance. Through analyzing the Great Recession of 2008 and its impact on regulations in the financial industry, you’ll study the emergence of fintech as an entrepreneurial solution for financial businesses. Through identification of fintech and outlining its massive growth, you will evaluate the main benefits and issues within this the emerging field. By the end of this module, you’ll be able to identify how regulations manage innovative approaches, and employ best practices of utilizing fintech in your organization while understanding the global landscape of fintech regulation

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Christopher Geczy

Adjunct Professor of Finance

Natasha Sarin

Assistant Professor of Law

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I would be remiss in this discussion of financial technology regulation to not say a word or two about the emergence of RegTech. The idea behind RegTech is that it is actually financial technology that helps financial institutions address regulatory challenges and facilitates the delivery of and the ability of these institutions to comply with existing regulatory requirements. RegTech was created in order to address challenges that arise from compliance in risk management and things like data reporting, and is especially useful for nascent financial firms who don't yet have the capacity internally to be able to create these sorts of technologies for their own use. Some examples of RegTech providers include companies like Suade, a software platform that allows financial institutions to process granular data and output the required regulatory, calculations risks and reports that financial regulators demand. Another example is RegTech provider called Trulioo, which provides ID verification for companies like PayPal, Stripe, and Amazon, and helps them comply with new know-your-customer and anti-money laundering rules that have become of significant importance in a significant regulatory burden for these institutions, particularly in the aftermath of the financial crisis. Looking forward, as we think of the future of financial technology and financial technology regulation specifically, it's important for us to think about whether we should regulate FinTech as an industry in and of itself or whether FinTech comprises a series of industries depending on whether it involves traditional financial services providers doing new things, new financial services providers doing traditional things, or is totally new means of transacting and means of exchange that didn't exist in the financial system previously. It's also important that we be aware that the kinds of choices we make about regulation in this industry are inevitably going to impact the decisions the entrepreneurs make with respect to where they locate and where they innovate, the ability of consumers to be protected from new risks that emerge in these markets, and the ability of consumers to be able to benefit and leverage the power of new financial technology to serve them in ways that existing financial institutions prior to this FinTech revolution were simply unable to. It's also important for regulators to bear in mind that financial regulation, and particularly financial technology where so much of the transacting happens on the Internet, which is inherently a global platform, would be best served by regulation through a singular global framework. Of course, this sort of history of financial regulation doesn't provide a lot of optimism for this being the inevitable outcome. If anything, the fact that there are a myriad financial regulators even within the United States suggests the difficulty of being able to create a singular framework for regulation, but it would be very helpful both from the perspective of industry as it looks to operate across the world and from the perspective of consumers as they look to be protected no matter where the firm that provides them financial services operates. It'll be helpful for us to be able to create technologies and industries that are really regulated in a uniform way. It's also important for us to bear in mind that whatever choices we make with respect to the regulation of new financial services providers and incidentally whatever choices we make with respect to the regulation of traditional financial services providers is inevitably going to encourage the growth of and push out of the regulated financial sector activity that used to exist in this space. So one concern about over regulation or one concern about overly burdensome regulation in this setting is that we are going to push activity outside of a sector which we understand and have some framework for regulating into sort of the shadow banking sector where our ability to manage risk is much less strong. So as regulators and interested audiences in this space, it's important for us to understand that when we trade off in the context of regulation, it's not just trading off between innovation on one side and consumer protection on the other. But in fact striking the right balance not having overly cumbersome regulation, that's going to encourage activity to fly out of the regulated sector and pose a threat to financial stability, but one that we don't have a good handle on how best to address.